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Crypto Fans study: How celebrities impact cryptocurrency Monday, February 08, 2021 — 13:02:20 (EST)
Feb.8, 2020—Dogecoin sees a staggering 2130% surge in global search popularity in just two weeks amidst Elon Musk’s tweets.
Global searches around breakout cryptocurrency Dogecoin have seen a massive 2130% increase amidst Elon Musks’ recent tweets, new data shows.
Interest in the currency has seen a massive spike since peaking on the 29th, following news that it was the most-mentioned cryptocurrency on Twitter ever.
This prompted Elon Musk to re-endorse the currency with a series of memes, which also led to its market price increasing by more than 20% in 24 hours.
The study also shows the impact of celebrity endorsements on crypto, as Ashton Kutcher helped BitPay see a 131.4% rise in searches in two months.
Dogecoin, a breakout cryptocurrency derived from Luckycoin, has seen a substantial 2130% surge in global interest in just two weeks based on search data, a new study reveals.
The Celebrity Crypto Fans study, conducted at the start of this year, measures the global popularity of both celebrity-founded and recently endorsed cryptocurrencies, to reveal the extent to which public support is crucial to the growth of virtual currencies and wallets.
The analysis found that prior to Musk’s recent tweets – which took place at the end of last week – Dogecoin had seen a staggering rise in online searches, following the news it was named the most-mentioned currency on Twitter ever at the end of January.
Another key indicator behind the rise in interest was the GameStop trading fiasco, as the search analysis identified this as a breakout related term, while consumers are often also searching for Dogecoin’s software, price and position on the stock market.
This has led Dogecoin to rapidly rise in value, having seen a 1,250% increase in price since the start of the year – including a 20% increase over the last day alone after Musk’s tweets.
The US accounts for the highest proportion of this increased interest, followed by Canada, the Netherlands, Australia and Ireland, according to the search data.
Also included in the study is a deepdive into the current popularity of previously established currencies – including Bitcoin and Ripple – and how their respective rises in interest compare to those seen by celebrity-founded variants, such as Akoin and PAC Token.
The analysis found that interest in Akoin almost doubled between June 2019 and June last year, with searches for the currency seeing a substantial 98.4% increase worldwide.This makes it the fastest-growing celebrity-founded currency on the market so far.
Although other currencies are set to hit the market from the likes of Jason Derulo, no celebrity-founded currency has seen a bigger rise in interest than Akoin, as Manny Pacquiao’s PAC Token saw a far smaller 9.55% increase over its first year.
Interestingly, Akoin has also seen a bigger rise in interest than Bitcoin and Ripple (XRP) combined, which saw a 6.4% drop and 8.17% rise in searches respectively.However, it’s Ethereum that’s proved the fastest-growing with a massive 470% increase over its first year.
It remains to be seen whether Dogecoin’s rapid rise in popularity is set to continue following Musk’s tweets – and the recent endorsements made by Snoop Dogg and Gene Simmons.
When it comes to previously celebrity-endorsed cryptocurrencies, it’s Ashton Kutcher who seems to have the most influence, as BitPay saw a staggering 131.4% increase in searches in the two months after Kutcher’s investment was announced.
And it’s not just searches that saw a positive impact due to Kutcher’s endorsement – like Dogecoin’s recent increase in price, BitPay also saw a 355.4% increase in value across two months, according to market data.
To find out more about the impact of celebrity involvement on cryptocurrency popularity and value, see the study at: a2zcasinos.org/celebrity-crypto-fans
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